We're already loving what we see! James Franco and Anne Hathaway have perfect Oscar-hosting chemistry and comedy in their first commercial together for the show.

OK! VIDEO: JAMES FRANCO ON OSCAR NOMINATION — "IT'S A BIG HONOR"

OK, based on the commercial James and Anne may still have a little work to do to making their hosting gig absolutely perfect. But it looks like they're working hard at it!

The "co-hosts in training" are "rigorously preparing for every possible Oscar emergency," the commercial states (via Guest of a Guest).

OK! NEWS: OSCAR NOMINATIONS 2011 — MO'NIQUE ANNOUNCES THE NOMINEES!

Do you think they have what it takes?

Watch the commercial below!